DIAMOND Bank Plc and MTN Nigeria have launched a
mobile money product, which they jointly developed, for
the advancement of the cash-less initiative of the
Central Bank of Nigeria (CBN).
The product, dubbed Diamond Y’ello Account is
automatically opened at the dial of *710# by all MTN
subscribers, currently put at 58.4 million.
According to the bank, the youth and mass market
segments of the MTN subscriber-base, as well as the
unbanked and under-banked subscribers, are especially
invited to take advantage of the favourable account
opening requirements and convenience features of the
service.
But a further investigation on the ease of the account
opening showed the bank may have been leveraging on
the SIM registration details of the MTN subscribers to
easily facilitate the account opening.
The Managing Director and Chief Executive Officer of
Diamond Bank, Dr. Alex Otti, said the move was aimed
at deepening the cash-less initiative, which showed that
only about 40 million out of the estimated over 150
million Nigerians have been banked.
He noted that the development would afford millions
of Nigerians who have mobile phones but are alienated
from banking activities due to procedures to seamlessly
key into the formal banking system.
But the Managing Director and Chief Executive Officer
of MTN Nigeria, Michael Ikpoki, said the
telecommunications out fit was ready to absolve the
anticipated surge into its digital solution, allaying fears
of disruptions.
The product, which is described as a fully mobile
hybrid account, offers a fusion of financial Services and
telecommunications incentives, enabling a transfer of
money from it to other types of accounts, within the
bank and other banks.
The product was also designed to enable checking of
balance, cash withdrawal from agent network,
Automated Teller Machines, and over the counter, while
it can also facilitate access to loans.
The Diamond Yello Account will also enable account
holders to make payments to various merchants for
utilities consumed and services rendered- utility bills,
cable TV, school fees, donations, insurance and
ticketing, together with interest payments on account
balance.
MTN Nigeria has recorded huge profits since they took off in Nigeria few years ago compared to their rather slow market in south africa.
We at Brandplanet just hope that their network service would improve as their bank balance in Nigeria.

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